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A top policymaker at the Bank of England has added to speculation of an interest rate hike in May in a speech on Friday.

Gertjan Vlieghe, widely regarded as a dovish member of the central bank’s rate setting committee, told an audience of businesses in Birmingham that he believed a tighter labour market would soon require a rate rise.

Mr Vlieghe said that unemployment was still an important measure of likely wage inflation. As such, provided signs carried on suggesting “that a tight labour market is actually pushing up domestic inflationary pressures”, interest rates would need to be raised.

The economist made similar signals on rates in a speech given last September ahead of the Bank raising...